Word: glamoured
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...rally spread right across the board; more than 1,000 of the 1,500 stocks listed on the New York Stock Exchange rose on Thursday alone. The ones that recovered most were the ones that had fallen the farthest: the battered glamour stocks. By closing time Friday, Polaroid had shot from 87! to 96, IBM from 320 to 339¼, Litton Industries from 79¼ to 92, Xerox Corp. from 97¾ to 112⅝. Main force behind the resurgence was a burst of buying by the big army of short sellers (TIME, June 29), many of whom apparently decided...
...than three points above its closing the previous Friday. Then it began a nosedive that did not stop even after it broke through its previous 1962 bottom of 553.75, set during the black hours of early morning trading on May 29. All told, 410 stocks, running the gamut from glamour to blue chip, hit new 1962 lows last week. Among them were the shares of such preeminently solid companies as Shell Oil (29½), Ford (74¼), General Electric (55½), U.S. Steel (42½), General Foods (61), Du Pont (170⅝) and Dow Chemical (42⅛). A.T. & T., which...
Slow Convalescence. Though Wall Street cynically holds that the public memory endures roughly 24 hours, few market professionals at week's end believed that small investors, once burned, would soon return to the market in such numbers as before, or that the deflated glamour stocks could look for another astronomical climb that so disregarded price-earnings ratios. With something close to unanimity, analysts expressed the hunch that the Dow-Jones would probably struggle slowly back to the neighborhood of 650-largely stimulated by institutional buying, focusing on stocks with proven growth records, dividend yields...
...their peaks, such stocks as IBM. Texas Instruments. Xerox and Hewlett-Packard climbed to anywhere from 80 to 120 times earnings. Raskob was a piker. Some companies such as Itek and Farrington became glamour stocks even while they were still operating in the red. And as investors became more and more intoxicated by growth, the inflation in price-earnings ratios spread across the board, from speculative risks to the conservative blue chips. Such companies as General Electric. Johns-Manville and International Paper saw their stock prices rise even though their per share earnings failed to increase-or even declined...
There were other early warning signals: last summer, many of the high-riding glamour stocks went into a tailspin, and by last autumn a few Wall Street professionals anxiously noted that, although the Dow-Jones average was still going up, there were many days when more stocks were falling than rising on the New York Stock Exchange...